IE-Annual-Report-2023

Financial Statements In technical terms, the company’s infrastructure and portfolio of services is up-to-date, matching the top ccTLD’s in the EU. Heretofore, the company has taken a national leadership role by introducing registry lock, secure DNS, secondary market, IDN’s, rule relaxations for geographic and place names, and the liberalisation of rules for new .ie domains. Principal Risks and Uncertainties The company is exposed to risk and uncertainty arising from market fluctuations in its financial investments. These risks are managed by a combination of appropriate investment principles, advice from independent investment advisors and oversight by a Board subcommittee. The company’s financial investments are managed by a discretionary investment fund manager, and are invested for the long-term in moderate risk funds diversified across multiple investment asset classes and geographies. In common with other small and medium-sized enterprises, the company’s performance is impacted by macro-economic growth, and the activity of the national economy, excluding the impact of FDI. The impact of new regulations remains uncertain, as the EU continues its EU Digital Decade initiatives to address cybersecurity threats, complete the Digital Single Market and implement ePrivacy initiatives. These risks continue to be managed prudently by the company. In common with internet service providers, the company faces risks in relation to digital disruption and innovations from global internet giants, which offer new apps and free services financed by advertising revenues. The company faces risks with regard to the ever-increasing range and sophistication of cyber-attacks on internet infrastructure and businesses. The company also faces risks in relation to reliance on key computer systems and key staff. The company faces risks associated with its development of new services which may not become commercially sustainable. The company’s cybersecurity controls, active threat monitoring, business continuity plans and disaster recovery procedures address the risks associated with cyber threats, technical abuse using the DNS and reliance on key computer systems. The multi-stakeholder Policy Advisory Committee (PAC) continues to assist by providing advice and recommendations to the board on a range of policy responses for the .ie namespace. Staff training, cross-skilling and key process documentation mitigate the potential exposure arising from the loss of key staff members. Post Balance Sheet Events There are no material post balance sheet events. Directors In accordance with the Articles of Association, directors may serve a maximum of two Terms, whereby an initial term is a four-year period and a subsequent term is for a three-year period. At the AGM in 2023, Mr Owen O’Connor retired as a director in accordance with the Articles of Association and offered himself for re-appointment in accordance with the Articles. Mr Owen O’Connor’s re-appointment was approved. Ms Louise English, Mr Eamonn Ceannt, Mr Dan Flinter, Ms Anne-Marie Eklund Löwinder, Ms Jennifer Chamberlaine, Mr Gareth Dunlop and Mr Jonathan Bate continued as directors in 2023. Directors and their Interests In accordance with the Articles of Association, the directors have no financial interest in the Members’ Funds of the company. The company is limited by guarantee and does not have a share capital. Every member of the company undertakes to contribute to the assets of the company in the event of it being wound up. Members are liable for payment of debts and liabilities of the company contracted before ceasing to be a member, and for the costs, charges and expenses of winding up, such amount as may be required not exceeding €1.27 cash. Directors’ Responsibilities The directors are responsible for preparing the Directors’ Report and the financial statements in accordance with Irish law and regulations. Irish company law requires the directors to prepare financial statements for each financial year. Under the law, the directors have elected to prepare the financial statements in accordance with Companies Act 2014 and FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council. Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the assets, liabilities and financial position of the company as at the financial year end date and of the profit or loss of the company for the financial year and otherwise comply with the Companies Act 2014. Directors’ Report (continued) IE Domain Registry CLG t/a .IE / Annual Report & Review 2023 30